分类号F8密级
U D C 005编号
硕士学位论文
董事会群体断裂带与企业环保投资
——基于重污染上市公司的经验证据
研究生姓名：赵佩琪
指导教师姓名、职称：唐国平教授
申请者类别：非专项计划
申请者学习方式：全日制
学科门类：管理学
专业名称：财务管理
研究方向：公司财务
入学时间：二〇二〇年九月
二〇二三年六月
Board Group Faultline and Corporate
Environmental Investment:Based on the
Empirical Evidence of Listed Companies in
Heavily Polluting Industries
By Zhao Peiqi
2023.06
董事会群体断裂带与企业环保投资——基于重污染上市公司的经验证据
摘要
党的二十大报告强调要深入推动环境污染防治，加快发展方式的绿色转型。在
环保活动中，企业既是环境污染的主体，也是环境治理的主体。已有研究表明，公
司治理会影响企业的环保投资行为。董事会在公司治理中处于核心地位，而董事会
群体在成员多重属性特征不同的情况下产生的内部差异会带来董事会群体的分化，
即产生所谓的断裂带。本文借鉴董事会群体断裂带强度影响董事会群体行为的研究
成果，分析董事会群体断裂带是否以及如何影响企业的环保投资行为。
参考以往研究，本文将董事会群体断裂带区分为由成员性别、年龄差异形成的
生理特征断裂带以及由成员学历、任期、职能背景以及董事类型差异形成的任务相
关断裂带两类。本文选取2008-2020年重污染上市公司作为研究样本，实证检验了两
类董事会群体断裂带对企业环保投资的影响。结果显示，董事会生理特征断裂带强
度较强时，董事会成员间存在情感隔阂，信息交流不畅，对管理层自利行为约束力
度不够，从而显著降低了企业环保投资水平；而董事会任务相关断裂带强度较强时，
董事会信息加工优势凸显，增强决策质量的同时也能有效约束管理层自利行为，从
而显著提升了企业环保投资水平。该结论通过了工具变量法、PSM 方法、滞后一期
处理、替换被解释变量以及核心解释变量衡量方式的稳健性检验，具有可靠性。进
一步分析发现，以管理层自利作为中介变量，机制检验结果表明两类董事会群体断
裂带都在一定程度上通过影响管理层自利行为进而影响企业环保投资水平；异质性
分析结果表明，董事会生理特征断裂带对企业资本化环保投资有显著的负向影响，
任务相关断裂带对企业两类环保投资均有显著的正向影响；在地区法治化水平高、
产品市场竞争激烈以及董事会持股比例较高的企业中，任务相关断裂带将被进一步
激活，对企业环保投资有显著的正向影响，而生理特征断裂带则进入“休眠状态”；
在地区法治化水平低、产品市场竞争较小以及董事会持股比例较低的企业中，生理
特征断裂带被进一步激活，对企业环保投资有显著的负向影响。
本文的贡献在于：一是从董事多重特征动态聚合的角度出发，研究董事会群体
断裂带与企业环保投资的关系，丰富了企业环保投资影响因素和董事会群体断裂带
经济后果的相关研究。二是从管理层自利行为视角，探讨了两类董事会群体断裂带
影响企业环保投资的作用机制。异质性分析中研究了两类断裂带对不同类型环保投
资的差异化影响，并进一步探索了两类断裂带影响企业环保投资水平的激活场景，
在一定程度上对公司选聘董事会成员以及监管部门制度设计具有现实指导意义。
关键词：董事会群体断裂带；企业环保投资；代理问题
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董事会群体断裂带与企业环保投资——基于重污染上市公司的经验证据
Abstract
The report of the 20th National Congress of the Communist Party of China stressed the
need to further promote the prevention and control of environmental pollution and accelerate
the green transformation of the development mode.In environmental protection activities,
enterprises are not only the main body of environmental pollution,but also the main body
of environmental governance.Studies have shown that corporate governance can affect
enterprises'environmental investment behavior.The board of directors is at the core of
corporate governance,and the internal differences of the board group in the case of different
characteristics of the multiple attributes of the members will lead to the differentiation of the
board group,that is,the so-called faultline.Based on the research results that the strength of
the board group faultline influences the board group behavior,this thesis analyzes whether
and how the board group faultline influences the environmental protection investment
behavior of enterprises.
Referring to previous studies,this thesis divides board group faultlines into two types:
physiological characteristics faultline formed by gender and age differences of members and
task-related faultline formed by educational background,tenure,functional background and
director type differences of members.This thesis selects heavily polluting listed companies
from 2008to 2020as research samples to empirically test the impact of two types of board
group faultlines on enterprise environmental protection investment.The results show that
when the physiological characteristics of the board faultline is strong,there is emotional
estrangement among board members,the information exchange is not smooth,and the self-
interested behavior of the management is not sufficiently restrained,which significantly
reduces the level of enterprise environmental protection investment.When the strength of
the faultline related to the board's task is strong,the board's information processing
advantage is prominent,which can not only enhance the quality of decision-making,but also
effectively restrain the self-interested behavior of the management,thus significantly
improving the level of enterprise environmental protection investment.The conclusion
passed the robustness test of instrumental variable method,PSM method,lag first-stage
treatment,substitution of explanatory variables and measurement methods of core
explanatory variables,and is reliable.Further analysis shows that,with management self-
interest as the intermediate variable,the mechanism test results show that the two types of
board group faultlines affect the level of enterprise environmental protection investment by
I
Abstract
affecting management self-interest behavior to a certain extent.The results of heterogeneity
analysis show that the physiological characteristics of the board faultline has a significant
negative impact on the capitalized environmental investment of enterprises,while the task-
related faultline has a significant positive impact on the two types of environmental
investment of enterprises.In enterprises with high regional rule of law,fierce product market
competition and high board shareholding ratio,task-related faultlines will be further
activated and have a significant positive impact on enterprise environmental protection
investment,while physiological faultlines will enter a "dormant state".In the enterprises
with low level of regional rule of law,small product market competition and low board
shareholding ratio,the physiological characteristics of the faultline is further activated,
which has a significant negative impact on enterprises'environmental protection investment.
The contributions of this thesis are as follows:First,from the perspective of dynamic
aggregation of multiple characteristics of directors,the relationship between board group
faultline and enterprise environmental protection investment is studied,which enriches the
relevant research on the influencing factors of enterprise environmental protection
investment and the economic consequences of board group faultline.Second,from the
perspective of self-interested behavior of management,this thesis discusses the mechanism
of two kinds of board group faultlines affecting enterprise environmental protection
investment.In the heterogeneity analysis,the differentiated effects of two types of faultlines
on different types of environmental protection investment are studied,and the activation
scenarios of the two types of faultlines affecting the level of enterprise environmental
protection investment are further explored.To a certain extent,it has practical guiding
significance for companies to select board members and design regulatory system.
Key Words:Board Group Faultline;Corporate Investment in Environmental
Protection;Problem of Agency
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